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Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer

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On 8/9/2018 7:20 PM, alal65536@gmail.com wrote:
> On Thursday, August 9, 2018 at 11:34:37 PM UTC+5:30, Sergio wrote:
>> On 8/9/2018 12:52 PM, alal65536@gmail.com wrote:
>>> On Thursday, August 9, 2018 at 10:52:05 PM UTC+5:30, Sergio wrote:
>>>> On 8/9/2018 10:28 AM, alal65536@gmail.com wrote:
>>>>> On Thursday, August 9, 2018 at 8:03:24 AM UTC+5:30, Sergio wrote:
>>>>>> On 8/8/2018 12:22 PM, alal65536@gmail.com wrote:
>>>>>>> According to mathematician J. Doyne Farmer, in edge.org, in "Collective Awareness", he talks about economics, and building better economic models to predict the future.  People play a central role in economics, and the idea that they behave rationally has been discredited.
>>>>>>>
>>>>>>> It is very difficult to predict the behaviour of people not acting logically, but acting emotionally with all their cognitive biases.
>>>>>>>
>>>>>>> From my experience studying economics and physics, I must argue that the maths required to do even classical physics is a lot harder than mastering the basics of macroeconomics.  However physics can give much better predictions than economics.
>>>>>>>
>>>>>>> I would argue that much greater mathematical skill is required in being a successful physicist, than a successful economist.  However, top economists make more money than top physicists.
>>>>>>>
>>>>>>>
>>>>>>>
>>>>>>> Abhinav Lal
>>>>>>>
>>>>>>
>>>>>> a lot of physicists do stock market prediction as a Quant.  Using math
>>>>>> skills, not physics so much.  Huge $$$ there.
>>>>>
>>>>> According to various sources, the median wages for economists and physicists is similar at about USD 100,000.  However as I stated, top economists make more than top physicists.  The highest earning top 10% of physicists earned over USD 165k, while the highest earning top 10% of economists earned over USD 180k.
>>>>>
>>>>> Abhinav Lal
>>>>> Writer & Investor 
>>>>>
>>>>
>>>> yep,  those closer to the money stream, make more money. (old saying in
>>>> my country)
>>>
>>> I made a mistake in giving astronomers salaries instead of physicists salaries above.  Physicists median is 120k, top 10% 190k.  So physicists earn more than economists.
>>>
>>> But economists in Finance and Insurance average 125k.
> 
> That should be Median not average.  According to Quora, the best paying jobs in USA are held by medical professionals.
> 
> Abhinav Lal 
> 

medical is rough, as Drs have to pay for malpractice insurance which is
very steep.  I knew on Dr who cleared $250k a year but had to pay $85K
in insurance.

Petroleum engineers make a lot of money too


>>>
>>> I do know that the top economists working for the biggest investment banks earn very high salaries.
>>>
>>> I apologise for my mistakes.
>>>
>>> Abhinav Lal 
>>> Writer & Investor
>>>
>>
>> there are very few jobs for astronomers, few jobs for physicists.  The
>> statistics on how many jobs are online in US Gov somewhere, with salarie
>> range.  I consider math used by physiciscs harder than economist, but
>> that is a vague generalization at best.
>>
>> stock brokers, or broker agents in Manhatten make well above $200k, I
>> think they make $$ on commission sales and split part with the company,
>> but they have to go find their own customers or get laid off.  And their
>> skills are not math,  but relationship selling.
> 

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"Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-08 10:22 -0700
  Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-08 21:33 -0500
    Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-09 08:28 -0700
      Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 12:21 -0500
        Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-09 10:52 -0700
          Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 13:04 -0500
            Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 13:12 -0500
            Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-09 17:20 -0700
              Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 20:50 -0500

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